Since the start of calendar year 2013, six companies have tried tapping primary markets on exchanges’ main board, but only three have been successful to raise capital, while the other three withdrew on account of poor subscription response.

Wonderla Holidays last week announced its IPO, looking to raise around Rs 180 crore. If successful, this would be the only second primary listing on the main board since Just Dial went public in June 2013.

Last year saw just one successful IPO exit for PE investors, with the R950-crore Just Dial issue providing over 800% returns for Sequoia, SAIF Partners and Tiger Global on their partial stake sales.

General Partners at PE firms believe that IPO as an exit route for PE investments would not see much traction in 2014. As per a Bain & Co India private equity 2014 report, only one or two respondents of the 53 surveyed expect IPOs to be the most common route in 2014, while 40% of them see the IPO exit route gaining significance in the next one-three years.